Rivian Automotive $RIVN Stock News and Forecast: Is there more downside to come?
Rivian announced price hikes for some models on Wednesday.Rivian suffered on Wednesday with the stock closing down over 13% at $53.56. That marks a 70% decline for the stock from its post-IPO high of $179.47 in November. Rivian IPO'd in a blaze of publicity at $78 in November. Even those who got in at that price are now facing heavy losses. We have repeatedly warned here atthat Rivian was trading on a much too high multiple and represented the peak of the pandemic era retail frenzy.
The high growth part of the EV stock sector was already facing selling pressure following Lucid's earnings earlier in the week. Lucid cut production outlook and missed on revenue and saw LCID stock sink 13.8% the next day. Wednesday was actually a positive one for markets with all major indices gaining and the Nasdaq closing nearly 2% higher. Tesla, the sector's big daddy, closed up 1.8% on Wednesday, but most other EV names finished lower.
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